The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Hassans International Law Firm have launched their first ever Gibraltar law firm Tax App, an innovation for law firms and unique in Gibraltar. The creation of the Tax App, launched today is available to download free from the App Store.

When we talk about Gibraltar and the EU perspective, we really are talking about a defining element of what has been driving Gibraltar over the last twenty-five or thirty years. Our membership of the European Union is not something that has been incidental and has not had a dramatic impact on Gibraltar; it has been very important in the direction that Gibraltar has taken over that period of time. Gibraltar - as you know - is attached to Southern Spain. Gibraltar and its position in the European Union is quite a fascinating study and a fascinating situation to explain.

Foreign Secretary William Hague has made a written statement to the British Parliament on the European Court Judgement on taxation in Gibraltar. In this he states that the ECJâs decision not to examine the issue of regional selectivity means that there has been no change in the principles established by the Court in the Azores case.

British Columbia's decision to scrap the harmonized sales tax (HST) system has provoked a mixed reaction from the business community, but opinion is largely unanimous that businesses and the government alike must think about making the transition back to the provincial and general sales tax regime as smooth as possible.

New government initiative could save you thousands in VAT on new-build property purchases

The deepening financial crisis in Spain and the emerging fears of a renewed downturn in the months following summer, the annual economic shot in the arm of most Southern European countries, the Spanish Government has decided that in addition to the painful austerity measures and cuts in spending, economic recovery will only come if Spain can attract continued inward investment.

In an effort to revive the country's stagnant housing market and support the construction industry, the Spanish government has announced that it will reduce the rate at which sales tax is applied to the sale of new housing.

In a radio and internet address, South Korea's President Lee Myung-bak has emphasized the importance of the global market for the country and, within that context, the government's core strategy of securing free trade agreements (FTAs).

France has, for the time being at least, reportedly ruled out the idea of concluding a bilateral tax deal with Switzerland, aimed at resolving the ongoing issue of tax evasion, following recent advances from and talks with the Confederation.

The United States Internal Revenue Service (IRS) has announced that a hearing will be held on September 12 to consult on the proposed introduction of the 3% contractors' withholding tax, which could come into force on January 1, 2013.

Determined to mitigate the effects of the rapid rise of the Swiss franc, to support the Swiss economy and to strengthen Switzerland as an industrial centre, the Swiss Federal Council recently announced plans to swiftly introduce a CHF2bn (EUR1.8bn) package of measures targeting affected businesses.

With the Italian parliament being called back from holiday to consider the draft decree containing the anti-crisis budget measures which the government has put forward to accelerate the balancing of the country's budget, other policies are already being touted to replace its more contentious elements.

The Australian government is promoting Australia's fund managers and financial expertise to overseas investors by releasing draft tax legislation that will bring Australia's investment manager regime more closely in line with other financial services centres.

In a joint press conference Swedish Prime Minister Fredrik Reinfeldt and Finance Minister Anders Borg have announced that planned tax cuts will be put on ice due to the uncertainty surrounding the eurozone.

Bulgarian tax authorities have admitted that they will not be able to enforce sanctions on the country's only domestic energy producer, Russian-owned Lukoil, for failing to introduce metering in their operations as part of measures to prevent tax evasion.

Indonesia's Minister of Finance, Agus Martowardojo, has announced that long-awaited regulations will be issued to introduce tax holidays, as well as revise the country's tax allowances, for new direct investments in selected industries.

At the same time as announcing an annual rise of more than 30% in tax revenues in the first seven months, China?s Ministry of Finance warned that revenue growth will slow down slightly during the second half of this year.

Germany's finance ministry has recently denied reports that the country's investigating authorities have purchased a new tax data disc, containing the names of thousands of Germans alleged to have evaded taxes in Switzerland. Such revelations risk provoking a fresh row between the two countries, newly united over the issue.

Canada's "overly complex" tax system imposes unnecessary and significant hidden costs on businesses and consumers, the Certified General Accountants Association (CGA) of Canada has said, calling for the launch of a debate on tax simplification.

In an effort to help those businesses affected by the recent riots, the UK's government and revenue agency have unveiled a series of support measures, including government funding of business rates and the negotiation of tax payment schedules.

While there has been criticism of Standard and Poor's (S&P) decision to downgrade United States debt, a paper from the Tax Foundation says that there are good reasons why it makes sense, particularly as the debt ceiling deal fails, either by cutting spending or increasing taxes, to take care of rapidly-rising healthcare spending.

In a move to quash longstanding tax disputes between the German government and Swiss financial institutions, the governments of Germany and Switzerland on August 10 concluded negotiations on tax issues and initialled a framework for the future taxation of funds deposited in Switzerland by German residents.

Cypriot Finance Minister, Kikis Kazamias has urged the adoption of proposals to rein in the country's deficit to avoid a European Union bailout, including an increase to the value-added tax rate and an annual registration fee for companies.

Despite recent intense negotiations between President Barack Obama and the top leaders of both political parties an agreement on a package of measures to allow an increase to the United States debt ceiling has not been reached.

Budgetary rapporteur of the French Senate Philippe Marini has recently put forward the idea of paring down as broadly as possible existing tax breaks in France (les niches fiscales), passing right across the board, and within the framework of the country's 2012 budget.

The Australian government has released comprehensive plans to tackle carbon emissions by placing a levy on around five hundred of the country's largest producers, with the impact on consumers offset by a variety of changes to personal income taxation and welfare payments.

Following a long and difficult debate, Germany's upper house of parliament or Bundesrat has finally adopted the government's decree pertaining to a restructuring fund, and approved, although with changes, specific details of its proposed bank levy.

Following the presentation of a modified decree containing the Italian government's proposed budget reductions, an explanation has been provided of how they should eliminate Italy's budget deficit by 2014.

Panama has followed Costa Rica in being removed from the Organization for Economic Cooperation and Development's (OECD) 'grey list' of countries which have yet to substantially implement international standards on the exchange of tax information.

Mourant Ozannes has advised Vallares plc, a Jersey company, on its flotation on the Main Market of the London Stock Exchange, which raised GBP1.35bn (USD2.15bn) the second largest such flotation this year, just seven days after making an announcement that it intended to launch an initial public offering (IPO).

During his first appearance in parliament since his election on June 5, Portugal's Prime Minister Pedro Passos Coelho announced plans to impose a one-off windfall tax on income in Portugal at the end of the year. He also revealed government plans to accelerate structural reforms.

Peter Caruana, Gibraltar's Chief Minister, has released his budget for the fiscal year 2011/12, which introduces a number of rate and threshold changes to the personal income tax system, among other changes.

UK Reforms Rules To Boost SME Investment In an effort to encourage more equity financing of small and start-up businesses in the UK, the government has launched a consultation on proposals for reforms to the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs).

A key part of Canada's Budget, aimed at assisting senior citizens, has passed through parliament, resulting in the restructuring of a series of benefits, and the introduction of tax credit and relief measures.

Following a recent meeting with the French association of private enterprises (Association franaise des entreprises prives AFEP), French Labour Minister Xavier Bertrand unveiled details of government plans to increase the tax burden on companies in France according extravagant salaries to their top business executives.

Despite earlier plans to forge swiftly ahead with tax cut discussions before the legislature's summer recess, Germany's black-yellow coalition government has now announced its decision to delay negotiations until the autumn. Germany's opposition parties have described the latest announcement as a further defeat for the Free Democratic Party.

During a meeting with South Korea?s President Lee Myung-bak, the parliamentary opposition leader, Sohn Hak-kyu, has insisted that the text of the South Korea-United States free trade agreement (KORUS FTA) should be renegotiated.

The government has taken some commendable decisions in the budget but they do not amount to a coherent plan for economic growth and for removing serious foreseeable risks, says Roger Kerr, executive director of the New Zealand Business Roundtable.

Bermuda is to amend key elements of its business legislation in a bid to comply with Organization of Economic Cooperation and Development (OECD) recommendations and meet international standards on tax transparency.

The Ministry of Finance has announced that the Selective Goods and Services Sales Tax Act, which establishes Taiwan's new luxury taxes targeted at reducing speculative property purchases and a widening wealth gap in the economy, are to take effect earlier than originally expected on June 1.

The country's political uncertainty, which has weakened its prospects for economic recovery and increased the perceived risks associated with the government's fiscal debt reduction programme, has led Standard and Poor's (S&P) to lower the outlook on Italy's credit rating.

The United States Internal Revenue Service (IRS) has held a hearing at which it heard testimony urging immediate withdrawal of a proposed rule on the reporting of interest paid to non-residents by US banks.

The UK must amend its legislation on the tax treatment of controlled foreign companies, as it fails to fulfil European Union (EU) Treaty obligations or adequately take into account relevant court rulings, the European Commission has said.

During remarks made by the United States Internal Revenue Service (IRS) Commissioner Doug Shulman to the Johns Hopkins Carey Business School in Baltimore, he looked at the IRS?s main strategic priorities for the next decade.

Jersey's Treasury Minister, supported by the Council of Ministers, is announcing his intention to repeal those elements of Jersey?s corporate tax regime which were deemed harmful by the EU Code of Conduct Group.

The ongoing political storm surrounding tax cuts in Germany has intensified, as Bavaria?s Finance Minister and member of the ruling Christian Social Union (CSU) Georg Fahrenschon has joined in calls for the fiscal burden to be reduced on individuals in this legislative period. The remarks have clearly divided Chancellor Angela Merkel?s Christian Democratic Union (CDU) party.

The Irish parliament has passed a motion denying the legality of European Commission proposals for a Common Consolidated Corporate Tax Base (CCCTB), after a debate in which the measure was slammed as an attempted assault on the country's 12.5% corporate tax rate.

As a further consequence of the earthquake and tsunami in March this year, it has now been officially confirmed that Japan?s decision on whether to join the Trans-Pacific Partnership (TPP) will be delayed beyond its expected June deadline.

The United States Senate has rejected a bill which would have cancelled the USD21bn in tax breaks that the country?s oil and gas industry is expected to receive over the next ten years, and dedicated the increased revenue generated to the reduction of the federal budget deficit.

The Advocate General proposes that the Court should uphold the annulment of the Commission decision which found that the reform of Gibraltar corporate tax proposed in 2002 constituted unlawful State aid

In August 2002, the United Kingdom notified the European Commission of Gibraltarâs proposed reform of corporate tax, That reform included in particular the repeal of the former tax system and the imposition of three taxes applicable to all Gibraltar companies, namely a registration fee, a payroll tax and a business property occupation tax, with a cap on liability to payroll tax and business property occupation tax of 15% of profits.

Many jurisdictions now have in place a specialist âHolding Company Regimeâ. At present Gibraltar does not distinguish between holding companies and companies for other purposes, but certain characteristics of the overall Gibraltar regime for companies make the jurisdiction particularly attractive.

There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian peninsula, âthe Rockâ enjoys a temperate Mediterranean climate with mild winters and warm summers. The accessibility of nearby historical and cultural Andalucia in Spain, coupled with its spectacular scenery and wildlife, makes Gibraltar a popular destination.

'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance. I took the view that they could not afford to remain still.

A new Tax Act has signaled the end of Gibraltar as a jurisdiction that relied on administrative and statutory ring fencing and secretive tax exempt companies and trusts to attract inward investment, as former Advisor to the Income Tax Commissioner, Chris White, explains.

'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance.

'Tax havens' have come under considerable outside pressure over the last 10 years. As a Gibraltar legal practitioner, I took an early professional interest in writing about developments in the offshore industry and I could sense the change in the wind and prevailing currents that had propelled a handful of small jurisdictions into the forefront of international finance. I took the view that they could not afford to remain still.

A new Tax Act has signaled the end of Gibraltar as a jurisdiction that relied on administrative and statutory ring fencing and secretive tax exempt companies and trusts to attract inward investment, as former Advisor to the Income Tax Commissioner, Chris White, explains.

Recent Developments in the Gibraltar Tax System The last months of summer were a busy time for tax professionals in Gibraltar and, in particular, for Chris White and Albert Mena, the senior partners of Hassansâ Tax and Overseas Property Team.

An industry research report published jointly by the European Fund and Asset Management Association (EFAMA) and KPMG?s European Investment Management practice shows that there are significant tax complications in the new Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive that prevent the achievement of a harmonized European funds industry.

In June 2010, the Government published a draft of an intended Bill for a new Income Tax Act. The draft was accompanied by a pre legislative briefing paper that summarised, in narrative form, the main changes to the current legislation introduced by the intended draft Bill.

Delivering the government's last budget before the general election, Chancellor Alistair Darling decided against any further increases in income tax over and above those measures he has already announced.

The Limited Liability Partnerships Bill 2008 (the âActâ) is little more than a framework piece of legislation, only containing details of incorporation, membership and taxation. The Act empowers the Minister for Finance to adopt regulations, likely to be known as the Limited Liability Partnerships Regulations 2008, to regulate the management and winding-up of limited liability partnerships (LLP(s)).

Chief Minister Peter Caruana on June 3 presented Gibraltarâs 2008 budget, which accelerates the timetable for previously announced reductions in the corporate tax rate and lowers the personal income tax rate for some taxpayers.

If you have not been resident in the UK for five years or intend not to be resident for five years, transferring your pension out of the UK can result in large UK tax savings. In certain circumstances you may also have access to 100% of your funds, when transferring to an appropriate tax friendly country.

The global credit crunch and the resultant slowing of Spainâs housing market has hit tens of thousands of expatriate Britons â as well as other northern Europeans â who own holiday or retirement homes in Andalucia.

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GC Powerlist: Ireland Teams

The Legal 500, Legal Business, GC Magazine and The In-House Lawyer event in Dublin brought a range of Irelandâs finest in-house teams together to celebrate the launch of this yearâs GC Powerlist: Ireland Teams.

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GC Powerlist: Russia

The Legal 500, Legal Business, GC Magazine and The In-House Lawyer event in Moscow brought a range of Russiaâs finest in-house counsel together to celebrate the launch of this yearâs GC Powerlist: Russia Teams.